Ethereum Layer 2 price explosion: MetisDAO fund causes massive increase - expert analysis reveals reasons

Ethereum Layer 2 price explosion: MetisDAO fund causes massive increase - expert analysis reveals reasons

According to a report by bitcoin-2go.de,
Ethereum Layer2 scaling protocol Metis has committed 4.6 million METIS tokens to the new Metis ecosystem development fund. The fund will begin awarding grants in the first quarter of 2024. Since the fund was announced, the price has risen massively - by almost 200 percent in the last seven days. The huge price development occurred due to the hype surrounding other Layer 2 such as Arbitrum, Optimism and Co. The announcement of the development fund for the Metis ecosystem also contributed to this massive increase.

The Metis price has risen significantly in the past few days and has increased by almost 200 percent within seven days. This increase comes from the announcement of the new Metis Ecosystem Development Fund, endowed with 4.6 million METIS tokens. This has led to massive hype around Metis on crypto Twitter. Funding will begin in the first quarter of 2024, and the project aims to become the first fully decentralized Ethereum Layer 2 network by the end of 2023. This shows confidence in the growth and long-term funding of the Metis ecosystem.

MetisDAO's weekly price history shows a huge price increase that has broken the downward trend line upwards. On a daily basis there is also a bullish price picture, but the RSI indicates increased selling pressure and the possibility of corrective movements. This price increase also increases selling pressure and the likelihood of profit-taking by major Metis investors.

Overall, the price of MetisDAO has increased significantly in the last few days, which is due to the announcement of the Metis ecosystem development fund. Future funding allocations and the goal of becoming a fully decentralized Ethereum Layer 2 network have increased confidence in the project. With a continued positive trend, Metis could reach the USD 100 mark, but this would lead to more significant corrections.